The Swamp
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Posted April 5, 2008 9:00 AM
The Swamp

by Peter Nicholas, Robin Fields and Dan Morain

Sen. Hillary Rodham Clinton's family has amassed enormous wealth this decade, pulling in more than $109 million through books, speaking fees and investments, according to tax returns released Friday by the Clinton campaign.

The returns show that the family's annual income shot up after her husband left the White House, rising from $358,000 in 2000 to $16 million a year later, when Bill Clinton listed his occupation as "speaking and writing."
In the years since 2001, the family's income has never dipped below $7.9 million, and reached as high as $20.4 million last year.

The New York senator had resisted releasing her tax records, initially promising to do so only if she won the Democratic presidential nomination. She relented amid protests that she was withholding details about the family finances that voters needed to make their choice. Her Democratic rival, Sen. Barack Obama of Illinois, had already made public returns covering 2000 through 2006.

"The Clintons have now made public 30 years of tax returns, a record matched by few people in public service," Jay Carson, a campaign spokesman, said in a prepared statement. "None of Hillary Clinton's presidential opponents have revealed anything close to this amount of personal financial information."

For Clinton, there were few appealing options. In revealing that she and her husband are millionaires many times over, she may trigger a backlash from her political base -- households earning less than $75,000 a year.

In about two weeks she faces a must-win primary in Pennsylvania, where recent census data list the median income as about $44,000. That sum is less than what the Clintons claimed in expenses for "cleaning and maintenance" on their homes.

"We're heading toward the economic doldrums," said Democratic strategist Bill Carrick. "It's a pretty inconvenient time for this to come out."

Obama's tax records show a large disparity in wealth between the rivals.

The Obamas had a lucrative 2005, for example, making more than $1.6 million. That year the Clintons hauled in more than $18 million. In 2006, the Clintons earned $16 million to the Obamas' $991,296.

Presumptive Republican nominee John McCain has said he will release his tax returns later this month.

Both Clinton and Obama have called for rolling back the Bush administration's tax cuts for the wealthy, including themselves.

For the Clintons, the post-presidential years have seen a change in financial fortune on an epic scale.

When the couple exited the White House in January 2001, they had amassed more than $11 million in legal debts, incurred during investigations into the Whitewater controversy and the former president's affair with Monica S. Lewinsky.

Through a book deal, paid speeches, business partnerships and investments, Bill Clinton catapulted his family into a rarefied level of personal wealth.

He collected nearly $52 million in income from speeches, and a total of $29.6 million from two books -- "Giving" and his autobiography, "My Life."

For her part, Hillary Clinton earned more than $10 million from her memoir, "Living History" -- a sum that included an $8-million advance.

Overall, the Clintons paid $33,783,507 in federal taxes from 2000-2007 -- 31% of their adjusted gross income, according to the campaign. They made charitable contributions of more than $10 million.

The pace of their charitable giving picked up last year, when Hillary Clinton began her presidential run.

In a summary of income and contributions expected for 2007, the Clintons are listed as making more than $3 million in charitable donations. This is double the charitable donations the couple made in 2006. The actual 2007 return was not available because the Clintons are asking for an extension to file.

The returns offer the first public peek at how much Bill Clinton has made so far from his partnership with Los Angeles-based billionaire Ron Burkle, a close friend and political backer.

The former president became a senior advisor to Burkle's investment firm, Yucaipa Cos., in early 2002. Thereafter, federal ethics forms filed annually by Hillary Clinton described his Yucaipa-related income only as "over $1,000." Neither Burkle nor Bill Clinton has specified exactly what Clinton's advisory duties entailed.

The tax returns show Clinton has received about $12.6 million for his work for Yucaipa between 2003 and 2006. The Clintons said they will report another $2.75 million in Yucaipa partnership income for 2007, bringing the total to more than $15.3 million.

The newly released tax information also shows that Bill Clinton received $800,000 in consulting fees from InfoUSA Inc., a consumer data marketing company headed by another friend and political supporter, Vinod Gupta. In lawsuits, dissident shareholders have criticized InfoUSA's payments to Clinton, as well as $900,000 in travel provided to the former first couple, as wasting company assets.

Asked what the former president has done for InfoUSA, a campaign spokesman said he shares "his thoughts on the domestic and global economy, and world affairs."

The Clinton family investments include one in Quellos Alpha Engine, part of the hedge fund Quellos Capital Management of Seattle.

The New York investment house BlackRock bought Quellos last year. Before the sale, a Senate subcommittee accused Quellos of trading in abusive tax shelters. The firm reportedly also was the subject of an Internal Revenue Service investigation. Quellos denied wrongdoing.

A Clinton spokesman said the Quellos investment had been purchased by a blind trust operated on behalf of the Clintons. The Clintons had no knowledge of how the funds in their blind trust were being invested, the spokesman said.

As of 2006, the Clintons switched from an accountant to a lawyer for tax preparation. This resulted in changes for returns filed in 2004 and 2005. The amended returns show that, in 2004, because of a "clerical error" on the tax preparer's part, the Clintons originally had failed to report income of $106,000. And in 2005, an extra deduction was found that reduced their income by $144,000.

The returns also show the Clintons have made several loans to family members. A campaign spokesman said the couple charged no interest.

Asked if the loans went to Hillary Clinton's two brothers, Hugh and Tony Rodham, or to Bill Clinton's half-brother, Roger Clinton, the spokesman said the loans were "personal" and the Clintons wanted to "respect their family members' privacy."

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Comments

Isn't class warfare silly? Why hate rich people they are in the postion to hire people. John Edwards who lives in a 28,.000 sq ft mansion and also owns a 3,000 sq. ft beach house spent the primary stirring poor people to hate rich people.
Strangely, Edwards owned a hedge fund that foreclosed on 34 houses in New Orleans where he announced his campaign to look like a victim typical Democrat trick.
Democrats blame Katrina on W when it was the fault of Democrats Kathleen Blanco and Ray "School Bus" Nagin.
Nagin demanded that FEMA send Greyhound buses when he had 2,000 yellow school buses that could have evacuated most of the residents. While waiting for buses that couldn't be sent in the short time allowed the school buses all flooded.
Blanco made stupid decisions and wouldn't let the Red Cross go to the stadium and bring food and water she said if we do they will never leave.
Alls well that ends well now Bobby Jindal is the new GOP Governor and he is doing great things for the state ending years of corruption by the Democrat machine. Jerry White, Springfield, IL


This post and the comment following it are why smart Democrats hate both the far left AND the far right

Oh stop with the Martha Stewart style red-baiting on HIlary's income. If it were a GUY who profited from a political career built by various crooks who stole the federally funded homes out from under the very poor people he built a career around having 'helped' then you'd be saying NOTHING about his wealth hurting him.
EARLIER THIS WEEK THE MEDIA SAID HILARY WAS TOO POOR TO BE AS GOOD AS OBAMA, NOW THAT SHE'S 'LOADED' (NEWS FLASH: SHE ALWAYS WAS, EVEN WHILE TRULY HELPING POOR PEOPLE) THAT'S A LIABILITY?
How about covering the sexist far-left who's going to get us ANNIHILATED in the Fall [much like the lefties who somehow got to have a great career at the very conservative University of Chicago after saying and doing things that RUINED the legacy of the Anti-Vietnam War Movement (begun by Vietnam Veterans)]. The weathermen and SDS women were stupid for accepting sexist B.S. treatment by the hippie men.
I'm left but I'm not STUPID!
Randi Rhodes was apparently at an OBAMA FUNDRAISER
when she called Geraldine Ferraro 'David Duke in drag' and then repeatedly called Hilary and Geraldine a very obscene name.
It's beyond time for Obama to apologize. If the Clintons will still have him as veep, (and I"m not sure that helps us) then Obama must now fold into their campaign.
Jerry--Edwards did not OWN the hedge fund, he was an investor in it and he made good on what happened in New Orleans.
What you fear is what the mainstream media feared---John Edwards knew how to kick the butts of predatory insurance companies and that's the ONLY reason you resent his house. He needs that big house to defend his privacy from electronic spying by big business and you know it. I want my knights well armed, Jerry. You should too. Unless your heart is in the wrong place.


Barack and Michelle Obama are probably in awe.


How any politician, GOP or Dem can claim to be "one of us" is laughable. Regardless of where you came from, once you no longer have to worry about feeding yourself of your family you are no longer like the rest of us. We have always elected the Gentry to positions and will continue into the future and the rest of us who struggle by will be spoken to like they understand us - an they don't.


I wonder how much fundraising money for Mrs. Clinton is coming from Colombia…let's check!! Where is a Penn when you need one?


I didn't do quite as good as the Clintons over the last decade. Maybe they'd like to share the SECRET(s) of their "financial success"???


You actually are STUPID geraldinetoo if you really think Edwards needs a house that big to protect himself from spying. That is as believable as a litigator going after insurance companies out of the kindness of his own heart.


How great is it that an intelligent ex-president can come from being hit on by the GOP machine and outshine his detractors where it hurts - in the pocketbook. And he did it without putting his hand into my pocket or yours. Pres. Clinton is the epitomy of brains and personality. Too bad the media won't give him and Sen. Clinton a break.


One year after leaving the most powerful position in the world, Bill earned more than he had in his total lifetime. Am I the only one who finds this out of whack?
Another item of note was their charitable giving met the 10% standard. (FOR AVERAGE EARNERS) Remember that the next time you hear how someone doesn't need a suv.


Poor, poor Barack and Michelle having to subsist on $1.6 million dollars last year---I hope they applied for foodstamps. What a silly comparison between Clinton and Obama wealth. The Clintons have 15 years more time on this earth than the Obama's and one of the Clinton's happens to be an ex-president. The Clinton bashers take great glee in pointing out the disparity in wealth between the 2 candidates. Let's fast forward 15 years and take a look at the Obama portfolio after no doubt countless books and speaking engagements.


yikes, anyone who would vote for the Billary presidency, please take a look at the over-the-top political ties here and speaking only of the the ones we are privy to and not mentioning the ones held in 'private'. The Clintons are going to be so engulfed in political payback, they couldn't possibly look out for the best interest of the country and average folk.

Let's elect someone who has repeatedly said he would accept no money for lobbyists. He won't let them run our country. For those of you who are skeptical, might I add that at least he has the decency to understand that this is the only way our country will change. And what does Billary have to say about accepting bribes - or I mean, contributions from lobbyists?


"What a silly comparison between Clinton and Obama wealth."
And we are told that one of the reasons for accelerated accumulation of wealth by the Clintons is that "one of the Clinton's happens to be an ex-president."

Not a good reason. What is ex-president Clinton doing that is revolutionary and so phenomenally lucrative? Is he trading strategic "insider information" - especially since ex-president Carter is not doing as well on the speech circuit?

[Not that his bolting off to UK when the country needed him has anything to do with our curiosity.]


Folks, the Clintons are sleazy scam-artists. No way do I believe that Billy-Boy made over $10 million on his book. He's hiding something.

(Barack Obama made about $1 million on his book, and his book sold AT LEAST as well as Billy-Boy's). Again I say, Billie-Boy and Hillie-Girl are hiding the true sources of their income.

Billie needs to disclose who donated what to his "foundation" and library. Some of his doners gave over $30 million, but we don't know who they are.


Thank God this is over. Now all the people who've been clamoring for the returns can turn their sights and wild conspiracy theories toward John McCain and the deeply, deeply disturbing fact that he hasn't made his tax returns (26 years and running) public.

I mean, I'm sure those who've been littering the board with accusations and speculation are equally concerned about McSame's income, right?

(*crickets*)


it's easy to see why they were so reluctant to release the taxes. the clintons whore themselves out on some truly epic proportions. they're not working for that money, they're just showing up. they're like reality tv stars who'll accept any piece of publicity, or do anything for a check.


and now let's see THIRTY YEARS of the Obama's returns--30 years of Michelle Robinson and 30 years of Barack Obama!


geraldinetoo-

You appear to be as insightful as your role model, the aging feminist Ferraro!

Mrs. Clinton is pretty much done, unless she can split the party, make a mess of the convention, and bully her way to the nomination (please note that bullying is not simply "fighting").

Actually, I think she knows she is done, and she will concede in May unless she has a miracle or a bigger-than-Wright smear campaign to lay on Obama.

She had an overwhelming advantage one year ago, but was simply out-campaigned by that cute little novice that could have been crushed by the Clinton machine if the Clintons had run a more competent campaign!


not stupid wakeup, just realistic . People have to work for a living, no? Unless they WORK FOR REZKO WHILE THEY'RE PRETENDING THEY'RE DEFENDING THE MEEK!
Time for more caffeine?


hILLARY IS SUCH A FAKE. hIDING HER TAX RETURNS AND THEN FAILING TO DISCLOSE SUFFICIENT INFO TO UNDERSTAND WHERE HER AND HIS INCOME CAME FROM. SPLITTING HAIRS (WHAT IS THE NEANING OF "IS?")---THAT IS THEIR WAY OF OPERATING. CAN YOU TRUST THEM? NEVER... NOW HILLARY GIVE US ALL OF YOUR INCOME INFO AND ALL OF YOUR BOONDOCKING WITH LEGISLATION FOR FRIENDS IN NYC. I WON'T HOLD MY BREATH, YOU CAN BET ON THAT.


Here in Saudi Arabia Obama is very popular he known as Barrak Hussein Obama. By the way Barrak means blessed Courstsey arab news.


It is called political paybacks. You do a political favors to lobbyist and wealthy interests while you are in power. They pay you nothing on the record at the time, but they owe you a favor. Once you are out of the office, the payback season begins...you get invited to give speeches for exorbitant fees payed by your wealthy debtors or their companies, you get lucrative positions in secretive hedge funds run by your wealthy "friends", you get free investment advises that make you millions in investment gains in short time, your daughter just out of college gets a cozy six figure salary position in a wealthy hedge fund run by one of your friend-of-friends...This is how the old-boys club power politics works, and where Clinton's loyalties really are.


Can tell me anybody, why people pay 250.000$ for a speech by Bill Clinton?
And how can giving speeches add up to $50,000,000 (not beeing Jerry Seinfeld)?
Who are these people??


Money, prestige, influence and power. That's what the Clintons are all about. It IS their life. Without it, they fade away; but not gracefully. If Hillary somehow comes out as the Democratic Nominee, African Americans will never vote for her. Young people will go away disappointed and the only thing that Hillary will have accomplished is another Republican President for the next 4 years. And even if she runs in 2012; her situation will not change. People simply DO NOT trust her.

Denise


The Clintons paid only 31% in taxes and got to keep the rest.

I am ashamed and embarrassed that this country allows people to keep almost 70% of their earnings.


You people are laughable, your JEALOUSY is showing. He is an x-president did you think he would be poor. You wanted to see their tax returns and now you're not happy because they have amassed more wealth than you think they should have. I don't care how much they have, she still has my vote.


Why is no one questioning the 55 mil and 40 mil donations that obama claims to have for February and March? Do you really believe that it is coming from tiny little contributions from the little people that are so enarmored with him and his supposed gift for speaking. To be honest he turns my stomach on the few occasions that I have been unfortunate enough to have to listen to his lies.


I am so sick of hearing people say that Hillary Clinton is tearing the Democratic Party apart. I think that job has already been fulfilled by Obama. Only a self—absorbed person with a mammoth ego would declare his candidacy for the most important job on earth after serving only one year in the senate. He was also probably banking on the fact that many Americans would not take the time to do their homework and could be schmoozed by smooth talk and charisma. Those same qualities are the one’s that have allowed crooked tele—evangelist to milk millions out of people’s pockets and why so many people overpay for clunkers from a used car lot. Clinton was in the race first and if Obama really truly cared about the Democratic party and his country, he would have first, worked hard in the Senate to: first prove himself as an effective leader in the legislature and to the people of Illinois; second, he would have campaigned vigorously for Senator Clinton to take her historic candidacy all the way to the White House, and then a few years down the road, he could thrown his hat into the ring to become the first African American president. Right now, his impatience, selfishness, and ginormous ego will indeed cost the Democratic Party the claim to the first female president, followed by the first African American president.
PS
Is there anyone out there who can give five concrete and substantive reasons, based on his record, and without using the intangible words –inspiration or uniter, why Obama is qualified to be the leader of the free world?
Helen in Chicago


Hillary spends so much time accusing Obama of "just words and speeches." Has she also complained about Bill's multi-million dollar speech-giving career?


It is amazing how rapidly the Clintons became multimillionaires! It is only natural to be skeptical as to just how they did it. The Clintons are known for making "crooked" deals; remember Whitewater and the cattle futures?? So, people have the right to delve deeper. Aside from the books and lectures/speeches and Bill's presidential retirement and Hill's Senate salary, where did the other 40+ million come from?

Why is China contributed $100 million yearly to Clinton's Library? Why is Saudi contributing millions also? Why did the Canadian uranium dealer give Bill $30 million with $100 million more to come? These are legitimate questions to ask of the Clintons. And they should be upfront about those contributions/donations to his library.

The Clintons do not represent the middle class or the poor, they just kiss up to them to get their votes for Hillary. Once the election process is over, the Clintons will throw these people under the bus.


Well, Helen, Obama has spent more time in elected office than Mrs. Clinton. He has a message, and policies AND positions that are the equal of Mrs. Clinton or better. You and others here appear just to hate him because he has been successful. For some it is obviously unconscious or conscious racism.

He is of a new generation, and he has built a grass roots campaign with more than 1 million donors, such as myself (2 x $50). He is as qualified to be the leader of the free world as any of the politicians running. G.W. Bush was far more qualified, by your measure! You are just parroting Hillary's campaign garbage in any case. JFK had little experience, for instance, and he was widely reviled by the same kind of minds that spout Obama hatred.

The Clintons were not paragons of virtue in their first white house stint, and no one supported them stronger than I when they began. It is fine to support Hillary, but don't try to delude yourself or other people that her vast experience is all positive! Have you no memory???!!!


Helen from Chicago.
I didn't have to get to the end of your post to know it was written by a woman. I know you've probably heard the saying "what's good for the goose is also good for the gander" right ?

Can you give five concrete and substantive reasons based on her record, why Hillary Clinton should the the next President of the USA (feel free to use any words).

I'm waiting ..............................


RFB-IL says

"Why is no one questioning the 55 mil and 40 mil donations that obama claims to have for February and March? Do you really believe that it is coming from tiny little contributions from the little people that are so enarmored with him and his supposed gift for speaking."

Ruthie,

Lets do the math. 1,000,000 donors that give $100 like I did = $100,000,000. Wow, almost as much as the Clinton's squeezed out of their political friends who hired them as "consultants" and paid them speaking fees. Personally, I find it impossible to believe that Billy made $51M on speaking engagements - you couldn't pay me to listen to him. I'd rather watch the Beverly Hillbillys, and I'd learn more too.

Is that Clintonista Kool-Aid as good as Wolfson, Ickes and Penn claim that it is, RFB?


It is laughable to think that the Clintons who are in the top 0.01% of wage earners (a select group of about 10,000 taxpayers fit in this bracket) are indeed fighting for the ordinary people. I wonder how many working americans donated a substantial portion of their income to fund their campaign. Mrs. Clinton loaned $5 million to her campaign and will get back with interest.

The simple truth is the political class in this country is corrupt to the core. The irony is that the people buy into the sham, believing that each generation of politicians is indeed genuine or at least more genuine than the one they seek to replace.


These two work for us. They are employees of the American people and yet they can come back from over $11 million dollars in a few short years to amass $109 million dollars. They can stand there and say that they are one of us, they can say that they understand the middle class, they can stand there and say that they understand the blue collar workers. Yes, sure they can understand us. They can understand that they foreclose our homes, make us homeless while they help the Columbians, while they take money from the Saudi's oil money while it cost us almost $4/gallon to fill our tanks and all of the other scrupulous dealings that they are involved with. In addition, let's take a good close look at all of the people that have worked for them or have been involved with them that have been killed, committed suicide or had fatal accidents. I don't know of any couple in the world that has that many people close to them that has suspiciously died. Please people, wake up and smell the morning coffee. The Clintons believe that the White House is their right. They are not one of us, they use us and will put us all into the poor house while loading their own pockets. I am sure that I can speak for all of us when I say let's have the Clintons teach all of us. Teach all of us, their employers, how they can work for us and yet make $100 million more than us. With the Clintons, this is not called leadership, this is called Thievery.


Well, Helen, Obama has spent more time in elected office than Mrs. Clinton. He has a message, and policies AND positions that are the equal of Mrs. Clinton or better. You and others here appear just to hate him because he has been successful. For some it is obviously unconscious or conscious racism.

He is of a new generation, and he has built a grass roots campaign with more than 1 million donors, such as myself (2 x $50). He is as qualified to be the leader of the free world as any of the politicians running. G.W. Bush was far more qualified, by your measure! You are just parroting Hillary's campaign garbage in any case. JFK had little experience, for instance, and he was widely reviled by the same kind of minds that spout Obama hatred.

Posted by: Ed | April 5, 2008 6:28 PM

Why do the Ombakins cry racism when some one sees through Obama? Having a differing opinion does NOT make one Racest At least Hillary does not inject gender in to every issue. I am so sick of hearing "racism" To think that Obama knows the average "Black story" is crazy! He was raised in Hawaii by his white grand parents and went to a private school, and in Indonesia from 2-10 in a private school. What does he know of poverty?? I would expect a former President to make money on speeches, many political personalitys do. If more people would read Obama's book, it might scare them straight.


I don't understand why people are being so hard on the Clintons for making all that money. I say good for them. I doubt ANYONE would turn down the opportunity to make several million dollars with speeches and books. People are such hypocrites. The Clintons are just doing what ANY red-blooded American would do: Cashing in. Cha-ching!!!



Over $50 million is speeches ( I would not trade a bugger for) !

Over $20,000 per page for the books (I would rather read and leave at the library AND I haven't personally seen anyone buy yet)

We have seen the extent of his and her desperation in this campaign. What is Billy not capable of?

But, hey guys, don't you go around insinuating horrible stuff like laundering. I don't think there is - and our media would NOT go there (for fear of what we might conceivable find)


I do not care how much the Clintons have accumulated. I do question the motives of a person that outwardly champions the cause of others (the poor), and then when it is time to purchase a home, they choose to live in the most affluent areas they can, while still meeting residency for office. (the New York home). I consider this to be hypocracy, and they should be ashamed of using inequities in race, social status, economic status, and so on, to further their own personal wealth cause. Their is no honor in deceiving others to benefit yourself.


I don't think that Obama would have 30 years of tax returns...he is only 46...
Shows the kind of thinking that Hillary supporters have.


Perhaps if Rocky had had $109 mil at his disposal he could have bought his victories also!!


There's one thing the Clintons dont have: TRUST. The Clintons are always going to do whats best for the Clintons, not whats best for the Democratic Party or for the US.
Hillary Clinton is strictly out for Hillary Clinton...ALWAYS


USA's image: Democracy, human rights and presidential influence peddling - the story behind the HillyBilly millions at The New York Times and Washington Post.

http://www.nytimes.com/2008/01/31/us/politics/31donor.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/03/AR2008020302352.html
http://www.registan.net/index.php/2008/01/31/bill-clinton-did-something-not-at-all-sketchy/

Hillary is fond of saying that she is a better opponent against McCain in November has been fully vetted. Not really - and the above minefield is only a reminder that she is wrong. We know that the Obama campaign has been averse to getting into the gutter of campaign attacks with her. Not the GOP and their supporters.


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